Bitcoin (BTC) closed the March candle with a 4% decline from the high of $ 6,500, the coin touched a low of $ 6,250 before trading slightly up to the current level of about $ 6,300.
The bearish move begins only 8 minutes after the month's candle closes, which is likely to imply that market participants are intending to hold the top cryptocurrency above certain prices before the event. that weight.
What next will come to Bitcoin?
Most analysts seem to believe that the recent price drop is bearish for the cryptocurrency market, not a quick decline - which is followed by a rally back between $ 6,000. .
Although not a specific prediction, Tyler Coates - a famous cryptocurrency trader on Twitter, formerly known as "Financial Survivalism," shared the chart below, which shows the Bitcoin price has could retrace back to $ 4,000 if it goes against the price action - which occurred from March 12 to March 18.
- Tyler D. Coates (@Sawcruhteez) April 1, 2020
The bearish view for Bitcoin was echoed by Lomah - who was emphasize that if the cryptocurrency trend as he predicted on Monday, it will continue downward, it will most likely retest last week's low of around $ 5,900.
May candles close above the critical level
However, it is important that BTC closed the March candle slightly above the critical technical level of $ 6,400. $ 6,400 is a very important level from a long-term perspective, as this is where BTC bottomed last December. Additionally, a low of $ 6,000 is the absolute key for Bitcoin in the bear market of 2018 - the king coin has bounced off that area many times.
However, prominent analyst Cred reminded his followers that Bitcoin closed a month candle above the support level does not mean that the price should immediately move higher, in addition to that, closing only Set a bias for the next candle.
A monthly close above support does not mean that price must instantly teleport higher.
The close simply sets a bias for the next candlestick.
A lot can happen in a month.
If April is going to be bullish, that strength will form on weekly & daily charts as well.
- Cred (@CryptoCred) April 1, 2020
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According to NewsBTC
Translated by ToiYeuBitcoin